# ASC 815-924: Derivatives and Hedging — Entertainment—Casinos Source: FASB Accounting Standards Codification, Basic View [Read online](https://asc.understandingaccounting.org/asc/815/924/) Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective. Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure. Source downloaded (UTC): 2026-09-10T01:39:58.369Z to 2026-09-10T01:40:04.850Z Record version: sha256:c42145aa43cae71cae70c306f09147acecb61fbd811fb56ba224a28e02d7873d Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 815-924: Derivatives and Hedging — Entertainment—Casinos ### Machine-generated study aids ```json { "summary": "This Subtopic applies the derivatives and hedging guidance of Topic 815 to casinos and to the casino operations of other entities. Its single substantive rule is a scope-out: fixed-odds wagering contracts — bets where the odds of winning are known or knowable when placed (e.g., certain sports and race wagers) — are not accounted for as derivatives by the casino that issues them. Instead, the casino treats them as revenue transactions under Topic 606.", "key_points": [ "The Subtopic covers derivative instruments, including certain embedded derivatives, and hedging activities of casinos and casino operations of other entities (815-924-05-1).", "Scope is the same as the Overall Entertainment—Casinos Subtopic, Section 924-10-15 (815-924-15-1).", "A wagering contract is a 'fixed-odds wagering contract' if the odds of winning are known or knowable at the time the bettor places the bet with the casino (815-924-25-1).", "The issuer (casino) shall not apply Topic 815 derivative accounting to fixed-odds wagering contracts (815-924-25-1).", "Fixed-odds wagering contracts are revenue transactions for the casino and shall be recognized under Topic 606, Revenue from Contracts with Customers (815-924-25-1)." ], "categories": [ "Derivatives and hedging", "Revenue", "Industry-specific", "Recognition" ], "audience_level": "intermediate", "student_note": "Exam-relevant point: a sports bet looks like a derivative (underlying, notional, net settlement), but GAAP expressly routes fixed-odds wagers to Topic 606 revenue accounting for the casino. The common mistake is assuming the exception applies to the bettor or to all wagering contracts — it is stated for the issuer and for wagers whose odds are known or knowable when placed.", "related_topics": [ "924-10", "924-605", "815-10", "606-10" ], "key_concepts": [ "fixed-odds wagering contract", "sports and race wagers", "derivative scope exception", "casino operations", "revenue from contracts with customers", "embedded derivatives", "issuer accounting" ] } ``` Source downloaded (UTC): 2026-09-10T01:39:58.369Z to 2026-09-10T01:39:58.369Z Record version: sha256:9a41d2003f42cd0f44412bf79141dbba15361bd84054b10c64bc2dcae68c3252 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 815-924-00: 00 Status [Read section](https://asc.understandingaccounting.org/asc/815/924/#00-status) SEC content: no ##### [815-924-00-1](https://asc.understandingaccounting.org/asc/815/924/#815-924-00-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:39:58.369Z to 2026-09-10T01:39:58.369Z Record version: sha256:99df021dece3b923df188938d43ee77fca1a576ac3f1c6f84d178724948a77e5 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The following table identifies the changes made to this Subtopic.
ParagraphActionAccounting Standards UpdateDate
924-815-05-1AddedAccounting Standards Update No. 2016-2012/21/2016
924-815-15-1AddedAccounting Standards Update No. 2016-2012/21/2016
924-815-25-1AddedAccounting Standards Update No. 2016-2012/21/2016
Source downloaded (UTC): 2026-09-10T01:40:00.662Z to 2026-09-10T01:40:00.662Z Record version: sha256:1ab2122669fbb4f78ed2cc62437ecbf7ca41a990a49d2ab02aa88445d974a23a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 815-924-05: 05 Overview and Background [Read section](https://asc.understandingaccounting.org/asc/815/924/#05-overview-and-background) SEC content: no ##### [815-924-05-1](https://asc.understandingaccounting.org/asc/815/924/#815-924-05-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:40:00.662Z to 2026-09-10T01:40:00.662Z Record version: sha256:447a7a4567fa3cc3c21c6e9d0587d626c7b51b15551e96164e7ad82143cdfb8a Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. This Subtopic includes the accounting and reporting standards for entities operating as casinos and for the casino operations of other entities, for derivative instruments, including certain derivative instruments embedded in other contracts, and hedging activities. Source downloaded (UTC): 2026-09-10T01:40:03.172Z to 2026-09-10T01:40:03.172Z Record version: sha256:64d5c1095624852c24c4ae813382075b58e22b3a177d4d8b65a5dcc1989e3551 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 815-924-15: 15 Scope and Scope Exceptions [Read section](https://asc.understandingaccounting.org/asc/815/924/#15-scope-and-scope-exceptions) SEC content: no ##### [815-924-15-1](https://asc.understandingaccounting.org/asc/815/924/#815-924-15-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:40:03.172Z to 2026-09-10T01:40:03.172Z Record version: sha256:fd6720c1a6747f649f3eecf7a6ab50f9e379caa9b855ca511e31c3919305928f Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. The scope of this Subtopic is the same as Scope and Scope Exceptions as outlined in the Overall Subtopic (see Section 924-10-15). Source downloaded (UTC): 2026-09-10T01:40:04.850Z to 2026-09-10T01:40:04.850Z Record version: sha256:48a62bb960a3a64399a9343bf0eabe93e4bc14c78c45953fa51479c482ec7205 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. ## ASC 815-924-25: 25 Recognition [Read section](https://asc.understandingaccounting.org/asc/815/924/#25-recognition) SEC content: no ##### [815-924-25-1](https://asc.understandingaccounting.org/asc/815/924/#815-924-25-1) Pending content: no Source downloaded (UTC): 2026-09-10T01:40:04.850Z to 2026-09-10T01:40:04.850Z Record version: sha256:5e839a23defe9e5efc07b86b13da8935b8450bf7f4fe27e3f0e674f18105a5f1 Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f Effective as of: not established by retrieval timestamps. Wagering contracts placed by bettors for which the odds of winning at the time the bets are placed with a casino are known or knowable (for example, certain sports and race wagers) are fixed-odds wagering contracts. The issuer of those contracts shall not account for such contracts under the guidance in Topic 815 on derivatives and hedging. Rather, those contracts are revenue transactions for a casino and shall be recognized in accordance with Topic 606 on revenue from contracts with customers.